§ 8-14-17-4 — Fund established; administration and sources

(a) The alternative transportation construction
fund is established for the purpose of:
(1) funding projects under IC 8-15.7 for passenger and freight
railroad systems as described in IC 8-15.7-2-14(a)(4); and
(2) funding distributions under section 5 of this chapter.
(b) The fund shall be administered by the department.
(c) Notwithstanding IC 5-13, the treasurer of state shall invest the
money in the fund not currently needed to meet the obligations of the
fund in the same manner as money is invested by the Indiana public
retirement system under IC 5-10.3-5. However, the treasurer of state
may not invest the money in the fund in equity securities. The treasurer
of state may contract with investment management professionals,
investment advisers, and legal counsel to assist in the investment of the
fund and may pay the state expenses incurred under those contracts
from the fund. Interest that accrues from these investments shall be
deposited in the fund.
(d) The fund consists of the following:
(1) Appropriations to the fund.
(2) Gifts, grants, loans, bond proceeds, and other money received
for deposit in the fund.
(3) Payments made to the authority or the department from
operators under IC 8-15.7 concerning passenger and freight
railroad systems as described in IC 8-15.7-2-14(a)(4).
(4) Interest, premiums, or other earnings on the fund.
(e) The fund is considered a trust fund for purposes of IC 4-9.1-1-7.
Money may not be transferred, assigned, or otherwise removed from
the fund by the state board of finance, the budget agency, or any other
state agency.
(f) Money in the fund at the end of a state fiscal year does not revert
to the state general fund.
(g) Money in the fund must be appropriated by the general assembly
to be available for expenditure.

Legislative History

As added by P.L.203-2007, SEC.4. Amended by P.L.35-2012, SEC.98.